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Regulation and Compliance > State Regulation

NAIC Waits For Notice About Officer

By Jim Connolly

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The National Association of Insurance Commissioners has not yet received official word from New Mexico about the status of a longtime member.

Officials in New Mexico recently announced that they have placed Eric Serna, the state’s insurance superintendent, on administrative leave after an investigation raised questions about the contract for a bank custodial account.

At press time, Serna could not be reached for comment.

The NAIC has not received any notification about the matter from New Mexico officials, and it plans to wait until it has received official notification before commenting, NAIC spokesman Scott Holeman says.

Serna is the NAIC’s secretary-treasurer.

Holeman spoke generally about NAIC rules that might apply to state insurance department contracting procedures.

The NAIC has policies addressing NAIC vendor contracting procedure, but those policies would not apply to individual states, Holeman says.

The NAIC influences state departments through the accreditation process, but that process focuses on monitoring of financial solvency and has not been a vehicle for shaping department vendor contracting procedures, Holeman says.

Establishing uniform, multistate or national department contracting policies would be difficult, because each state has its own ethics laws and guidelines, Holeman adds.

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